Investment firm Tiger Global, which manages approximately $50 billion, has recently marked down several of its high-profile investments in the nonfungible token (NFT) sector, including significant stakes in the Bored Ape Yacht Club (BAYC) collection and the NFT marketplace OpenSea. Reports based on anonymous sources have indicated that Tiger Global reduced the value of its BAYC holdings by 69% and its OpenSea holdings by 94%. This markdown comes in the context of a broader downturn in the NFT market, with BAYC’s current price floor declining 77% from its peak in May 2022.
In addition to its involvement in NFTs, Tiger Global has been actively investing in various areas within the cryptocurrency space, particularly focusing on blockchain security and privacy-centric projects. In 2021, the firm co-led a $24 million funding round for CertiK, a blockchain security company aiming to expand its security solutions for the decentralized finance (DeFi) sector. The investment in CertiK aligns with the firm’s strategy to enhance security in the evolving DeFi landscape.
Furthermore, in 2022, Tiger Global participated in a Series B investment round for Aleo, a zero-knowledge applications platform. This investment underlines Tiger Global’s interest in the privacy aspect of blockchain technology, a crucial component in today’s digital asset landscape.
Additionally, Tiger Global was part of a significant $450 million venture financing round for Polygon MATIC 1.96%, a company focused on Ethereum scaling solutions. This investment, led by Sequoia Capital India and including other prominent investors like SoftBank, highlights Tiger Global’s commitment to supporting technologies that aim to enhance the performance and scalability of blockchain networks.